Saturday, November 21, 2015

Escrow shortages owed over the years, I'm in 3rd year with PennyMac. :(



***This story starts in my first year.

Annual Escrow Disclosure Time - Will your mortgage go up postbuild????
Not sure if this is a Ryan thing or not? Or mortgage companies after NVR sells them?

As we all know when you build new they can only assess your land.

But I thought Ryan still look care of that is the estimate? We were even told OVER estimated.

Last year our mortgage was on point, in fact this time last year got a nice chunk back from our escrow overages. Hmmm I wondered about that. Well this year, diff story. Our 2nd year here.

We owe thousands into our escrow along with a jump in our mortgage amount even with paying for the escrow shortage forecasted for next year.

You may ask were we re assessed higher? NO

Did your taxes increase? YES but not this significant amount reflected in what we owe for the upcoming year.

PennyMac is who NVR sold us out to, they have admitted to making a mistake and knocked off a considerable amount due from our escrow shortage. But its still a LARGE amount due OR your mortgage jumps up a SHIT TON instead over the next 12 months.

PEOPLE WATCH WHATS GOING ON WITH THESE "estimates of mortgage and taxes"!!

Anybody else have a noticeable jump in escrow shortages?


  1. Hi- pretty new to your blog (found it scouring the internet looking for info on our home building process. Not too many Courtland Gate Blogs floating around :) Expected to close in late March) This is what I know based on my mortgage from my current home:

    I would ask them to itemize the increases for your escrow. And then compare to your municipality taxes, your HOA and your home insurance. I would also make note if the shortage this year is EQUAL to the overage of last year. Your mortgage should be pretty consistent unless you have 2/1 ARM (which the lowest I have seen was a 5/1)
  2. If it has to do with taxes, Ryan has no control of this, or the mortgage company. This is all controlled by the taxing body of the municipality or county and they determine when the increase goes into effect.
  3. Funny you posted this DW. I just got a letter, we are through PennyMac too and it said we are short, but only a couple hundred. What's weird, even though they are saying we are short, our new monthly mortgage for 2015 will be about 600 bucks cheaper. I'm completely confused about this and will be calling on Monday.
    1. Hi Chrisse, just a follow up for this year since I think Penny Mac is a disaster. We owe thousands again this year for shortage, 2nd year in a row and mortgage goes UP!
      Would be willing the share your escrow experience for this year?
  4. Me again, your post made me pull out NVR calculation worksheet that was handed to us during our loan application. This is what is says verbatim:

    PLEASE NOTE: Your first escrow analysis may show a significant overage if it was based on the payment of taxes on land only or on a partial or interim tax in the first year. If you withdraw the overage and reduce your monthly escrow payment it will result in a significant shortage and a substantial increase in monthly payment the next year.

    Do you think this happened to you?
    1. LC

      Thanks for the input.

      Yes we got money back last year because apparently mortgage co. cannot hold onto that much money. they have to give it back, but at the time you are thinking........wooo hooo!! Lets just use some rough numbers. last year say we got back $1000. This year we owe $2000. So its not a complete balance out, but looking back we should have put aside the $1000 to off set the $2000 owed this year (again rough numbers)

      Last year our mortgage went down $100,, this year when we PAY the escrow shortage the mortgage goes up $100, so its a wash there, and back where we were originally. (But you get excited about the decrease and think it MAY stay there for a little while :(..)

      Also though, keep in mind Penny Mac screwed up a bit and like a said lessened our escrow owed ALOT. Dont see how that happened. I guess had we not questioned it, we would have gotten back a SHIT TON again at the end of next year. Vicious cycle.

      AnyHOW. Hope to anyone out here reading building now, just to be aware of this and be prepared.

      And NO...
      No reassessment
      Our homeowners is NOT in our mortgage
      Sure our taxes went up a little bit.
  5. I have PennyMac as well. My taxes seemed to have doubled! So i called them last week and was told that they will call my county to double check. She also mentioned that their tax dept is backed up and they will call me back.
    1. Well thats a bunch of crap!!! I asked for a manager and got it taken care of right away on the phone, but Im aggressive, Not sure if you are :)
      Good luck, let me know how it goes.
    2. Went up 241$ , phew. At first my monthly went up by 1200! I have to do my research though because i thought i was getting money back because we moved in March.
  6. We have pennymac too, and i even I anticipated being short on escrow once they refunded $2500 back to us. I called once i got the refund (since they were basing on the pre-house taxes on the land), and they advised that they couldn't hold excess money until they got a revised tax bill from the county. The service agent did advise i can send in an extra 50-100/month back into escrow without triggering a refund so a big lump sum wouldnt' be due to escrow once the tax bill came.

    Low and behold, i get the new tax bill that's fairly close to NVR's estimation, fax it over to their escrow department and what do they do? send me a refund on escrow! i got a letter about a week after that saying i had insufficient funds to pay the bill and they would be collecting the needed amount over the next 12 months or I could just pay a lump sum. We get significant tax breaks years 1-4 since our house is leed certified, so i expect another jump in year 5.
  7. Same for us...and we have PennyMac too. But it's all about the increase of taxes and the amount of money we have to have in escrow as dictated by the law and PMI.
    1. Danielle, ya it seems it comes down to this damn separation of land and building, and when your county catches up it seems. I dont think its ryan related. We dont have PMI or home owners in our mortgage either. so it simplifies even more. thanks for the input. Happy Holidays
  8. They did the same to us ! We have pennymac and ours just shot up Huge this year ! I wish they had communicated this would happen !
  9. I have PennyMac also and now I have anxiety over any mail I get from them. So far I haven't received anything regarding escrow account, but I will be paying attention. Thanks for sharing.
  10. Thanks for posting this - and frankly this scares the hell out of me now.
    We just got a huge chunk of change back from our external mortgage company. Not gonna lie - I'm still super happy that I used my own lender and closing company and now have a mortgage company that has no ties to Ryan/NVR/Heartland.
    BUT - we did just get a huge check from escrow overages and this is the same exact thing that I was concerned about when we got the check. Come this time next year,..../sigh
  11. How did you get the wreaths to hang on the window in the morning room
  12. How did you get the wreaths to hang on the window in the morning room
  13. Hi Dana, I use suction cup hooks.
  14. Great post, we moved in at the end of August and just recently received a huge check from NVR. I'm now concerned about the escrow situation.
    1. HEY OWEN, yup first year happened to us as well, nice chunk of change we got back from escrow, the following year we owed back thousands and mortgage went up 2015, and now 2016 our escrow is short again by thousands we owe and mortgage goes up.

      I just don't get it, its been our 3rd year now.

      Taxes only went up a few hundred
      I do not have a PMI
      and my home insurance is separate from my mortgage.

      What gives? I think PennyMac is a mess, or im just really stupid.

Sunday, October 11, 2015

Outdoor Gable Patio Roof (LOTS OF PICS) finished underneath and stained by HAND

We had the Amish build the Patio Roof about 1.5 years ago and just never got around to finishing the underneath like we really wanted to.

We finally did it, we needed scaffolding as the ceiling is approx, 15 feet tall,  I believe,  and is a 16x20 in length and wide, a large area.

We wanted the underneath to have a rich design to it so we opted to do it ourselves.

We needed 70 planks of 12 foot sections of pine, tongue and groove, and we stained and clear coated each and every one of those suckers, took much longer than anticipated. OH, and be sure to do this BEFORE YOU INSTALL ON THE CEILING.

Also installed a ceiling fan, mainly to keep the bugs away.

Also installed AZEK crown molding, and inside the crown molding is LED rope lights that have like 16 vary of  colors and chase each other too,  and its so pretty.  Such an awesome look and we are so happy the outside area is finally done :)WE got those at Costco for a steal.

Well landscaping is never really DONE in my eyes, I just love to play in the dirt and plants lots of stuff.

My photo skillz have dropped off and pics aren't  as clear from beginning to end, but your get the jist of it.  Here are a ton of pics, and some misc updated pics of our home.

I have an unbelievable husband with super manskillz, always so proud of him :)

Above, my son starting the first rows of pine.

Above, before the planks go up.

Every cut counts.

Scaffolding was a MUST.

Cant be afraid to pull away that siding.
Above, the installed AZEK crown molding.

Above, finished, love it, Pine done, fan done, crown done, lighting done, Hope to fit some pics in tonight and take pics with the lighting.

Kept that grass green all summer. Watered the heck out of it everyday.

Above, side of the house.

First year for the roses on this side, they are going to be awesome in a few years.

Sitting wall area. and TV.

Here, you can see some of the lighting.

Foyer and view from my Study.


Above, my abundance of landscaping, and of course the lovely attached shed, that looks like the house.

Exposed aggregate concrete patio.

Above, we are going to add those LED lighting on top of the cabinets too, for elegant lighting.

Love of my life, Nemmerz :)